Global money management firm Putnam Investments announced today that it will reposition its Putnam RetirementReady Funds target-date series as the Putnam Sustainable Retirement Funds, adding an ESG-focused series to its retirement market offerings.
Steven McKay, Head of Global Defined Contribution Investment Only, said:
“There is growing interest in ESG investing among a wide array of clients and investors, and we believe this is an optimal time to introduce our own brand of sustainable investing to the defined contribution marketplace.”
The new sustainable retirement fund series, expected to be available in the coming months, will invest in active ETFS advised by Putnam, and will offer vintages ranging every five years from 2025 to 2065, along with a maturity fund. The announcement follows the launch by Putnam last year of its first active ESG ETFs.
Robert Reynolds, President and CEO, Putnam Investments, said:
“Putnam Sustainable Retirement Funds will combine our commitment to two of our firm’s key focus areas in the marketplace — sustainable investing and helping individuals prepare for retirement. We are excited to offer access to sustainable investment strategies within a target-date format, which continues to be a preferred investment vehicle for millions of working Americans saving for retirement.”